The triumph of individualism I

History of Economic Thought // Spring 2025

Prof. Santetti

marcio.santetti@emerson.edu

Timeline

Timeline


1776—1936



Why start only in 1776?

The economic revolution

The economic revolution


3 ways to organize society:

  • Tradition (kinship);
  • Command (authoritarian);
  • Market system.


Market system overlaps with the rise of individualistic behavior.

The economic revolution


4 causes for the transition:


  • Emergence of nation-state;
  • Introduction of money and markets (material changes);
  • Rise in scientific curiosity;
  • Decline of religious spirit (namely of the Catholic Church).

Ethics & Economics

Ethics & Economics

From feudalism to capitalism

Perspective of ethics

Ethics & Economics



On the one hand, it is evident that the whole body of regulations, by which modern societies set limits to the free play of economic self-interest, implies the acceptance, whether deliberate or unconscious, of moral standards, by reference to which certain kinds of economic conduct are pronounced illegitimate.” (Tawney, 1926, p. 4)

Next time: Rise of individualism, continued